A Severance of Joint Tenancy is the alteration of ownership between joint owners of a property. If you own your property jointly, either as a married couple, partners or friends, you will have chosen one of two kinds of ownership. You will own your property either as:
As joint tenants, each person owns 100% of the property at the same time as the other. So when one owner dies, the survivors own the property automatically whatever one persons' Will might state. If the property is owned as tenants in common, each person owns a share, so if one dies, their share of the property passes to a beneficiary named in their Will or according to the rules of intestacy.
Severance of Joint Tenancy is very popular with couples (married or otherwise) seeking to protect the house and other assets from third party threats and/or the remarriage of the survivor. In these cases, clients often do not want the surviving owner to own more than their ‘share’. To prevent this from happening the client first of all needs to own an individual share. A Severance of Joint Tenancy achieves this by changing the ownership from Joint Tenants to Tenants in Common.
At the same time as changing ownership, Trusts would normally be written into the Will documents to support this arrangement.
By making a Will you decide exactly how your estate is distributed and plan for the needs of your individual circumstances. No matter how complicated or simple your Will may be, we will work closely with you, listening carefully to your needs and wishes, providing clear advice based on all of the information you give.
If you lose capacity either through an accident or illness such as a stroke or dementia, someone needs to act on your behalf to carry out your affairs. A Lasting Power of Attorney specifically deals with the appointment of one or more people to manage your affairs if you are unable to do so.
The Home Protection Plan is a strategy designed for homeowners, whether single or couples to put the home beyond the reach of any potential third party claims that may arise. The strategy involves the transfer of the home to a trust. Under the trust the owner becomes an interest in possession beneficiary giving a guaranteed right of residency.